I noticed this is a high-margin industry with lots of potential in the coming years, as Australia's population booms and more housing is created. A lot of homewares will be needed to decorate and furnish people's homes. I want to create a online-driven homeware retail store.
The market is quite full, naturally, with lots of brick and mortar stores (e.g. IKEA and local chains) selling everything from sofas to decorative vases to lamps and paintings. There are also some very large online retailers, which have high volumes.
Now, as a business, it has moderate barriers to entry. It requires warehousing near logistics, and it requires significant resources in procurement of pieces and marketing.
I think the biggest issue is marketing. How do you get people to buy your homewares? I want to sell high quality pieces manufactured in Asia for 20x profit (currently this appears to be the margin).
I was wondering if any fastlaners have much experience in marketing online stores.
The market is quite full, naturally, with lots of brick and mortar stores (e.g. IKEA and local chains) selling everything from sofas to decorative vases to lamps and paintings. There are also some very large online retailers, which have high volumes.
Now, as a business, it has moderate barriers to entry. It requires warehousing near logistics, and it requires significant resources in procurement of pieces and marketing.
I think the biggest issue is marketing. How do you get people to buy your homewares? I want to sell high quality pieces manufactured in Asia for 20x profit (currently this appears to be the margin).
I was wondering if any fastlaners have much experience in marketing online stores.
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